US Dollar Index challenges 2018 highs above 97.00, ADP eyed
|- The index remains bid and trades above the 97.00 handle.
- Yields of the US 10-year note ease from tops around 3.15%.
- ADP employment report coming up next in the docket.
The US Dollar Index (DXY), which tracks the buck vs. a basket of its main rivals, keeps the upside momentum well and sound beyond 97.00 the figure, or YTD peaks.
US Dollar Index now focused on ADP
The index is alternating gains with losses on Wednesday, coming under some selling pressure after clinching fresh tops beyond the 97.00 handle during early trade, levels last seen in June 2017.
The sentiment around the buck remains solid so far, always against the backdrop of persistent concerns in the risk-associated complex, with EUR (via Italy and Germany) and GBP (via Brexit) in centre stage in past weeks.
Ahead in the session, the ADP report in next of relevance seconded by the Chicago PMI and the weekly report on US crude oil stockpiles by the EIA.
US Dollar Index relevant levels
As of writing the index is losing 0.08% at 95.92 facing the next hurdle at 97.07 (2018 high Oct.31) seconded by 97.87 (61.8% Fibo of the 2017-2018 drop) and then 101.34 (high Apr.10 2017). On the downside, a breakdown of 96.36 (10-day SMA) would open the door to 95.89 (21-day SMA) and finally 94.79 (low Oct.12).
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